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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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ATLANTIC PROPERTY DEVELOPMENTS PLC
COMPANY INFORMATION
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ATLANTIC PROPERTY DEVELOPMENTS PLC
CONTENTS
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ATLANTIC PROPERTY DEVELOPMENTS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their strategic report for the year ended 31 March 2025.
The results for the year and financial position of the company are as shown in the annexed financial statements.
The business environment remains challenging in the property development and investment sector. The company has net current liabilities £7,932,896 in 2025 compared with £10,534,602 net current liabilities in 2024. The company has net assets £1,892,898 in 2025 compared with £2,418,061 in 2024. £246,035 is owing from one of the directors as at 31 March 2025. The company's cash at bank balance has fallen to £172,274 as at 31 March 2025 from £286,610 as at 31 March 2024.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The management of the company is well aware of the risks connected with the purchase and holding of income producing land and sites. Such risks range from geological or locational issues as well as the delays and disappointments connected with receiving planning permission. There are also risks relating to the overall economic climate and in particular the market for land with development potential.
The directors are also aware of the risks associated with property investment. They recognise that there are risks of exposure to a particular tenant not paying their rents, and the company not being able to re-let the properties in the event of tenant failure. The company manages these risks by employing specialist advisers and consultants with experience of the issues likely to be encountered. This process sometimes increases costs before the company knows what can be subsequently recovered and, like many other companies, there are occasions when not all costs incurred will be covered. The directors believe that the tenancy risks are mitigated by a pro-active approach to monitoring tenants and the quality of the assets which would be attractive to prospective new tenants. Credit risk There are credit risks involved in the employment of construction companies and further credit risks from tenants when buildings are let. The company manages credit risk by restricting dealings to large construction companies with a proven track history and using solicitors who have extensive knowledge of land and property. Furthermore, the bad debt record of the company is very satisfactory. Cash is only deposited with banks after careful consideration of the counterparty credit risks. Market risk There are market risks associated with the value of the properties held by the company, with a risk that these values could significantly fluctuate. This has been highlighted in the current year as a result of the continued economic uncertainty. The company manages market risk by regularly monitoring the valuation of property held and ensuring rents charged produce a satisfactory yield. Liquidity risk The company actively manages its cash reserves to ensure that the company has sufficient funds available for its operations. Operational risk There are operational risks involved in the holding of properties for rental in the event of a catastrophic event, such that the properties can not be utilised by tenants. The company mitigates against this risk through an insurance policy to provide suitable cover against this event. There are also operational risks associated with the failure to follow internal policies. The company manages this risk by operating a strong control environment and ensuring internal policies are followed by staff.
The key measurement of the effectiveness of the company's operations is operating results. The company has recorded an operating profit of £381,764 in 2025 (2024 - £368,677).
The company recorded a net profit of £1,449,092 in 2025 (2024 - £568,503).
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ATLANTIC PROPERTY DEVELOPMENTS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Our plans are formulated to have a positive, beneficial impact on the company over the mid-to-long term.
The Board takes into consideration the interests of stakeholders in their decision-making.
This report was approved by the board on 9 September 2025 and signed on its behalf.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The company does not currently hold property for development. However as noted below the directors are continually seeking new development opportunities. The company currently operates solely within the United Kingdom, with no overseas branches.
The directors do not recommend the payment of a dividend in respect of the year (2024 - £0).
The directors who served during the year were:
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ATLANTIC PROPERTY DEVELOPMENTS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The company's performance is in line with the directors' expectations. The directors are continually seeking new development and investment opportunities.
During the year the company made charitable donations of £13,027 (2024 - £10,920) to a number of local and national organisations for general charitable purposes.
During the year the company made political donations of £0 (2024- £0).
The company's business activities, together with the factors likely to affect its future development, performance, and position, are set out above and further details are provided in the Strategic Report.
Included in the company's strategic report is a review of the business and a description of the principal risks and uncertainties facing the company.
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are committed to developing and maintaining strong relationships with the company's customers and suppliers.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company has not consumed more than 40,000 kWh of energy in this reporting period.
It qualifies as a low energy user under these regulations and it is not required to report on its emissions, energy consumption or energy efficiency action.
There have been no significant events affecting the Company since the year end.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
The auditors, MHA, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board on
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ATLANTIC PROPERTY DEVELOPMENTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTIC PROPERTY DEVELOPMENTS PLC
We have audited the financial statements of Atlantic Property Developments PLC (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTIC PROPERTY DEVELOPMENTS PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTIC PROPERTY DEVELOPMENTS PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud; - Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred; - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; - Discussions with management over any potential or suspected fraud; - Performing substantive tests of detail over the completeness/existence of income within the financial system.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTIC PROPERTY DEVELOPMENTS PLC (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Swansea, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
Date:
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ATLANTIC PROPERTY DEVELOPMENTS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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ATLANTIC PROPERTY DEVELOPMENTS PLC
REGISTERED NUMBER: 02341408
BALANCE SHEET
AS AT 31 MARCH 2025
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ATLANTIC PROPERTY DEVELOPMENTS PLC
REGISTERED NUMBER: 02341408
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 32 form part of these financial statements.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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ATLANTIC PROPERTY DEVELOPMENTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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ATLANTIC PROPERTY DEVELOPMENTS PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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ATLANTIC PROPERTY DEVELOPMENTS PLC
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Atlantic Property Developments Plc is a public company, registered in England and Wales. The company's registered number is 02341408 and registered office address is Foxfield Rudry Road, Lisvane, Cardiff, Wales, CF14 0SN.
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. The company's principal activity is the acquisition of land and property for development and property investment.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods. Recoverability of related party debtors The directors assess the recoverability of related party debtor balances at the reporting date and make provisions against balances where deemed necessary. The directors review the financial position of related party companies to assess their ability to repay the debt.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
The company's business activities, together with the factors likely to affect its future development, performance, and position, are set out on pages 1 to 3. The company made a profit in the year ended 31 March 2025, with net current liabilities as of that date. The company had net assets of £1,892,898 as at 31 March 2025.
In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows. The directors are confident that the company is well placed to manage its business risks successfully, despite the uncertain economic outlook. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover represents the value of rents and service charges and insurance recharges receivable, exclusive of value added tax.
Rents receivable are accounted for as operating lease income and credited to the income and expenditure account on a straight-line basis over the lease term, with any rental increases recognised during the period to which they relate. Service charge income and insurance recharges are recognised evenly over the period to which it relates.
Management fees receivable are accounted for evenly over the period to which they relate.
Intangible assets relate to Crypto-assets. Intangible assets are recognised initially at cost and subsequently revalued at each balance sheet date. Fair value is based on the quoted market price at the balance sheet date. Revaluation gains or losses are recognised in Other Comprehensive Income, except where the value falls below cost. Impairments of assets below cost are recognised in profit or loss. The company does not hold cryptocurrency for speculative purposes.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is shown at most recent valuation at fair value. In accordance with FRS 102 investment property is not depreciated. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate non-distributable reserve.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets and liabilities All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments that are classified as payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted. Current tax Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Provisions are recognised when the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
Page 25
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 26
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 27
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The fair value of investment property has been determined with reference to rental yields and existing market data in similar geographical areas.
The 2025 valuations were made by the directors, on an open market value for existing use basis.
The valuation was carried out by a company director, and the directors consider that the cost represents the fair value of the investment properties as at 31 March 2025 having considered market conditions at the reporting date and rental yields on the properties.
Page 28
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Hire purchase contracts are secured on the assets to which they relate.
Page 29
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 30
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Retained earnings represents all current and prior period retained profits and losses.
Other reserves relates to Fair value reserve in respect of revaluation gains on Crypto-assets in Intangible fixed assets.
The company operates a defined contribution pension scheme. The assets of the pension schemes are held separately from those of the company in independently administered funds.
The pension cost charge represents contributions payable by the company to the fund amounting to £7,544 (2024 - £5,652).
Amounts of £246,035 were due to the company from the director Mrs B L Thomas as at 31 March 2025. £513,029 was owing to the director Mrs B L Thomas as at 31 March 2024.
The loan is unsecured, interest free, and repayable on demand.
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ATLANTIC PROPERTY DEVELOPMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The directors consider the director Mrs B L Thomas to be the controlling party.
Page 32
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